Almost US$23 billion of foreign ODA, concessional loans earmarked for 2021-2025

About VND527.1 trillion (over US$22.9 billion) in foreign official development assistance (ODA) and concessional loans will be allocated during the 2011 - 2025 period.

This is part of a plan on orientations for attracting, managing, and using ODA and concessional loans from foreign sponsors during the five years. The plan was recently approved by Permanent Deputy Prime Minister Pham Binh Minh.

Accordingly, non-refundable ODA capital is prioritised for implementing socio-economic infrastructure development programmes and projects; enhancing capacity; assisting policy and institutional building and reform; preventing, controlling and mitigating natural disaster risks, and adapting to climate change; ensuring social welfare; preparing for investment projects or co-funding projects that use foreign concessional loans.

ODA capital will be prioritised for programmes and projects on health care, education, vocational training, climate change adaptation, environmental protection, and building essential economic infrastructure facilities unable to directly recover capital.

Besides, the plan gives priority to spending foreign ODA capital and concessional loans on infrastructure improvement projects to help disadvantaged regions and localities develop their economy, and in regions and localities facing difficulties in mobilising domestic funding; as well as on projects dealing with pressing issues during the rapid urbanisation.

Foreign concessional loans will also prioritised for projects boosting connectivity among regions and provinces in the Northwestern, Central Highlands, and Mekong Delta regions so that they can develop faster, according to the plan.